Venoma Holdings sells 2.4% in Sicomed

Venoma Holdings Limited has sold 2.4% of its 58.4% stake in pharmaceuticals producer Sicomed Bucharest. Calculated at the latest trading price for Sicomed, the sale raises around 2 million euros. The decision to sell the shares was prompted by demand for shares exceeding the potential supply of free float on the Bucharest Stock Exchange. “If demand continues to stay this high, we will consider selling further small stakes,” company officials said. Sicomed is one of the most important players on the Romanian pharmaceuticals market. Data from market research company Cegedim Romania show the company accounted for 4.9% of the market between July 2003 and June 2004, making it fifth on the market in terms of sales value. ZF